https://www.marketwatch.com/story/oil-boosted-by-drop-in-crude-inventories-2019-08-28
Oil futures posted a gain on Wednesday, after U.S. government data reported a weekly drop in U.S. crude supplies—the largest in five weeks—along with declines in petroleum products, which helped to ease concerns about a slowdown in demand.
“The ongoing trend of narrowing net imports has yielded a massive draw to crude stocks, with imports dropping below 6 million barrels per day, and exports jumping above 3 million barrels per day,” Matt Smith, director of commodity research at ClipperData, told MarketWatch.
“The bullish draw has been compounded by solid draws to both gasoline and distillates—despite refining activity not being a million miles away from the peak for the year,” he added.
https://www.marketforum.com/forum/topic/37365/
By metmike - Aug. 28, 2019,
EIA was very bullish! Huge Drawdown.
https://www.investing.com/economic-calendar/eia-crude-oil-inventories-75
Latest Release Aug 28, 2019 Actual-10.027M Forecast-2.112M Previous-2.700M
| Release Date | Time | Actual | Forecast | Previous | |
|---|---|---|---|---|---|
| Aug 28, 2019 | 10:30 | -10.027M | -2.112M | -2.700M | |
| Aug 21, 2019 | 10:30 | -2.700M | -1.889M | 1.580M | |
| Aug 14, 2019 | 10:30 | 1.580M | -2.775M | 2.385M | |
| Aug 07, 2019 | 10:30 | 2.385M | -2.845M | -8.496M | |
| Jul 31, 2019 | 10:30 | -8.496M | -2.588M | -10.835M | |
| Jul 24, 2019 | 10:30 | -10.835M | -4.011M | -3.116M |
In addition, the threat from Hurricane Dorian in the Gulf is very supportive.
Dorian could also threaten refineries in the Western Gulf if it took the farthest west track, similar to the GFS ensembles.
This would be especially bullish for unleaded gas.
This is an old article but I think those refineries are still there.
https://www.eia.gov/todayinenergy/detail.php?id=7170
The more interesting one here is actually the RB market with all the refineries along the W.Gulf Coast.
https://www.eia.gov/special/gulf_of_mexico/
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Hurricane Dorian thread:
Weekly US ending stocks of crude oil.
https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=WCRSTUS1&f=W
Weekly ending stocks for unleaded gasoline.
https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=WGTSTUS1&f=W
Weekly US ending stocks for distillate fuel oil(heating oil-especially used in the Northeast).
https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=WDISTUS1&f=W
Crude 3 months below
Crude 1 year below
Crude 10 years below
Unleaded gas price:
2 years below
10 years below